• Register
Return to: Home > News > Big Four > FRC launches probe into KPMG’s audit of BNY Mellon

FRC launches probe into KPMG’s audit of BNY Mellon

The Financial Reporting Council (FRC) has opened an investigation into the conduct of the audit arm of KPMG UK as the auditors of the Bank of New York Mellon London branch and The Bank of New York Mellon International (BNY Mellon).

The UK watchdog's probe is in relation to KPMG's role in reporting BNY Mellon's compliance with the Financial Services Authority client asset rules from 2007 to 2011.

This comes after BNY Mellon, the world's biggest custody bank, was fined a record £126m by the Financial Conduct Authority (FCA) last April, for failing to keep customer money safe during the financial crisis.

A KPMG spokesperson said: "We are committed to setting the highest standards in our work and will co-operate fully with the FRC in its enquiries."

The FRC has opened a similar investigation into PwC UK's audits of Barclays Bank.

Top Content

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.